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Seoul: Stocks fall as Trump stresses China will face additional tariffs

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[SEOUL] South Korea's KOSPI stock index fell for fourth consecutive session on Thursday as China-US trade tensions escalate after US President Donald Trump reiterated his threat to impose additional tarriffs on Chinese goods. 

The Seoul stock market's main KOSPI fell 23.52 points, or 1.08 per cent, to 2,144.49.

Hanjin Kal shares rose amid expectations of leadership change.

Foreigners were net sellers of 106.9 billion won (S$124 million) worth of shares on the main board.

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The KOSPI has risen 5.07 per cent so far this year, and rose 1.1 per cent in the previous 30 trading sessions. The current price-to-earnings ratio is 12.10, the dividend yield is 1.28 per cent and the market capitalisation is 1,242.04 trillion won.

The trading volume during the session on the KOSPI index was 385.55 million shares and, of the total traded issues of 890, the number of advancing shares was 159.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.85 per cent, after US stocks held off from making big moves. Japanese stocks fell 1.15 per cent.

Meanwhile, the Korean won weakened, and the benchmark bond yield fell.

The won was quoted at 1,174.5 per US dollar on the onshore settlement platform, 0.43 per cent lower than its previous close at 1,169.4.

In offshore trading, the won was quoted at 1,175.6 per US dollar, down 0.3 per cent from the previous day, while in one-year non-deliverable forward trading its one-month contract was quoted at 1,173.8 per dollar.

 

The won has lost 5.0 per cent against the US dollar this year.

In money and debt markets, June futures on three-year treasury bonds rose 0.05 points to 109.55. The most liquid 3-year Korean treasury bond yield fell by 0.4 basis points to 1.711 per cent, while the benchmark 10-year yield fell by 0.9 basis points to 1.867 per cent.

REUTERS